Geneva, July 4, 2000

Nascendo Announces its First Liquidity Event

With Liberty Surf's purchase of Ovni-Web Nascendo has completed its first exit to become a profitable company in just one year. Ovni-Web ("Toobo") runs the Toobo.com site, the first site in France to introduce a comparison-shopping application with a proprietary Shop Bot engine.

Nascendo, a Geneva-based, pan-European incubator company founded in March 1999, is dedicated to investing in European Information Technology companies. Toobo's unique positioning as a first mover in a rapidly expanding market, its proprietary technology and its excellent management team sparked Nascendo's interest in Toobo. Nascendo's pan-European presence made it the obvious choice for incubating this Shop Bot engine with European ambitions.

The two founders of Nascendo, Marin Le Corre and Georges Berberat, say of the move, "We saw the value of this innovative idea for an exhaustive product-portal, a concept that was not yet exploited in France. The solid business model created by a young, dynamic team coupled with their proprietary technology convinced Nascendo that this cooperative venture could only lead to success." Toobo became the third start-up incubated by Nascendo. And this liquidity event, less than a year later, has shown the instincts of the seasoned investors to be right on the money.

Nascendo now has 10 investments in technology companies across Europe, with an additional 5 to 10 in the pipeline for the year 2000. The team is continuously developing this pan-European network of IT start-ups. Nascendo offers their portfolio companies value, adding support in the fields of finance, technology, human resources and overall planning, giving strategic advice and securing funding for European entrepreneurs. This puts Nascendo at the top of its class among European Internet incubators.

Nascendo is now 11 employees strong and is ever-growing. The officers have senior level operating experience in the technology industry - from start-ups to multinationals. Nascendo works as a team, involved in and available to every company they back. They are continuously increasing and implementing their knowledge of how to solve the inherent problems of working with more than 7 European countries (and legal systems) in 7 different languages. The Nascendo management team and advisory board, all from blue chip and/or entrepreneurial backgrounds, have a thorough understanding of the new economy in Europe and what it takes to be counted as a major player.